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John writes that the US took its next-to-last stab at calculating First Quarter GDP, and the downward revision was impressive even by recent standards. It now appears that the economy, well, here’s how Bloomberg puts it: "The U.S. economy contracted in the first quarter by the most since the depths of the last recession as consumer spending cooled."

Gross domestic product fell at a 2.9 percent annualized rate, more than forecast and the worst reading since the same three months in 2009, after a previously reported 1 percent drop, the Commerce Department said today in Washington. It marked the biggest downward revision from the agency’s second GDP estimate since records began in 1976. The revision reflected a slowdown in health care spending.

Gold and silver are going up on the last day of the month. What a switch from normal slam downs that used to take place on the last trading day of the month. Something different is definitely taking place.

I was in New York City for my sister's wedding this weekend. Apart from the fact that I visit regularly to see my kids, I would prefer to stay away as much as possible. The first signs of deterioration are setting in. LaGuardia Airport is again becoming a homeless shelter. They're taking over the food court and a number of waiting rooms throughout the facility. Mayor Giuliani stopped this practice over a decade ago and Nanny Bloomberg started rolling it back. Now Comrade DeBlasio is intent on making New York's public terminals fullscale shelters and I'm sure he's proud of the effort.

MainStreet.com's Ross Kenneth Urken has hit upon a way for you to save some good money, especially if your credit score has gone up recently. Refinance your high rate auto loan. Just Google it and you could be on your way to substantial savings. There's a number of lenders that will compete for your business. The old mortgage lead generator LendingTree is even getting in on the action. So check it out today.

Robert Ian made the bold prediction many months ago that the housing recovery had no legs and would soon peter out. Sure enough even all the massaged data put forth by Uncle Sam are showing what we've known for months, the Emperor's Housing Boom is a Bust! There's also a special offer for the Liberty Mastermind Videos so listen up.

Some believe that the deteriorating situation in could be the Black Swan that throws the oils markets into complete chaos. Not so TheStreet.com's Joe Deaux. He thinks it's still to early to tell. So far oil prices are high but they haven't gone parabolic. It looks like oil is still flowing from Iraq and that's a good thing. Will it continue, no one knows for sure. The situation is fluid and could change at any moment.

New York State's highest court has struck the final nail in the coffin of Nanny Bloomberg's dreaded double gulp soda ban. But it's not really a victory for personal liberty. The fact that such trivial personal rights must now be litigated all the way to the highest courts shows just how little credence our rights are afforded by the political system. And the decision wasn't unanimous, two judges on the saw nothing wrong with such nannyism, after all obesity is an epidemic. In other news, gold and silver are holding on to their gains, even though it's Friday. What a nice change.

Gold and silver prices are climbing higher following the downward revision of Q1 GDP to -2.9%. Not too long ago, Q1 GDP was expected to rise by 2.6%. However, it has instead contracted by -2.9%, far below the -1.8% expected and well below the -1.0% second revision. In fact, this is the worst print for GDP since the depths of the financial crisis in Q1 of 2009! Gold stocks may very well be the place to be in 2014, 2015 and beyond. Jason's got some great ideas on where to be investing.

TheRealSide.com's Joe Messina was on dicussing the attack of local government on children's entrepreneurial endeavors. It seems like whether it's a lemonade stand or a book kiosk, government wants kids to tow the line and do what they're told. And more crazy stories of school districts on gone wild or why Johnny can't seem to learn anything anymore.

Wayne Allyn Root was on discussing his efforts to defeat fossilized Senator Thad Cochran. Also we discussed the failing economy, with negative -2.9% growth during the first quarter. It all spells tough sledding ahead for the middle class, which is perfect timing for the release of Wayne's new book The Murder of the Middle Class. You don't want to miss it!

A week to the day when gold and silver broke out and the cartel has been throwing everything they can against them and something amazing has been happening. They're holding tight over 1300 and 21 respectively! How can this be? My question is why aren't they going higher? With everything that's going on in the world, how many safe haven investments are left? You still might see some weakness in July but things are going to start really going wild in the fall.

Ellen Brown wrote recently that central banks hae the power to create national currencies with accounting entries, and they are traditionally very secretive. We are not allowed to peer into their books. It took a major lawsuit by Reuters and a congressional investigation to get the Fed to reveal the $16-plus trillion in loans it made to bail out giant banks and corporations after 2008. What is to stop a foreign bank from simply printing its own currency and trading it on the currency market for dollars, to be invested in the US stock market or US real estate market? What is to stop central banks from printing up money competitively, in a mad rush to own the world's largest companies? Evidently not much. China's central bank has been buying up stock both here and Europe with reckless abandon, wonder what their plan is.

We also discussed Ellen's recent run for California Treasurer and her ideas for a California public bank.

Barry Stuppler and I have been talking about gold prices for years. The current price action is pretty much going according to his expectations. Barry isn't looking for a parabolic spike for the rest of 2014, but for 2015 all bets are off. That doesn't mean a black swan event won't occur that causes them to hit record levels soon, it's just that he doesn't think it's a likely scenario for the intermediate term, but hey-you never know!

We sat down today with Bill Holter to discuss the extremely bad Q1 GDP numbers combined with the rapidly detriorating situation in the Middle East and the Ukraine. None of this bodes well for the Dollar and the United States or the existing world economic order. What happens next is anyone's guess but holding gold and silver is certainly a good idea, now more than ever.

The gold and silver markets are unfolding almost exactly as Ned Schmidt has been predicting for months. Ned says that the Street can't stay wrong for long. They're sending out their second quarter statements now so they're going to have to look for gains in other places and that means mining stocks. Ned says the Street is like ladies of the night and they don't care if there's a Firemen's convention or a Political convention in town, they're looking to cash in. So get ready. While gold's not going to 1900 this year, the trend is clearly in place.

Danielle Park joined us for our bi-weekly chat. We talked extensively about the major malinvestment that has taken place in the QE-inflated world and how Dubai is going bust yet again. Margin debt is near all-time highs and so is world wide debt at 450% of GDP. Liquidation is inevitable and when it happens, look out below. Are those bodies falling from buildings or just defaulted collateralized debt obligations? What difference does it make anyway?

Nomi Prins started out on Wall Street and is now a best selling author who spends much of her life chronicling the relationship between finance and politics. When financial disaster strikes, you can be certain that the bankers will be found at the president's side. It's been this way since the early 20th century and it's now truer than ever. Is too big to fail an excuse to do nothing, or is it just the way things are? Nomi thinks it's the former. One thing is for certain, no one in Washington is willing to take the chance to find out.

The fight is on but Gold and Silver are still winning for now. Gold's at 1320 and silver broke through 21. The fight is on. Today we've got best selling author on Nomi Prins talking about her latest book All The Presidents' Bankers: The Hidden Alliances that Drive American Power. Should be a great one. More in store with Danielle Park and others. So keep listening because you never know What's Next!

Alan M. Newman has been calling the stock market for decades. He sees the current market as grossly over-valued and a potentially dangerous place to be. He's looking at precious metals as safe haven. He's concerned about the prospect of inflation and economic instablity as well as the deterioration of the Middle East and other international hot spots.

We discuss last week's precious metal price action. An amazing week that confirmed what we all knew. Sometimes it takes a few months and sometimes it takes a few years but the end is always the same. This weeks is going to be amazing. Please help support the show at ClubFSN.

John Rubino of DollarCollapse.com joined us for our Monday morning chat. We agreed that last Thursday's run up in precious metals prices was a confirmation of the price movements that started earlier in the year. Now's your opportunity not to make the mistakes that you've make so many times before. It's so obvious what's going to happen. Stacking maybe your last chance to cash in.

Dr. Joseph Salerno is one of the current leaders of Mises.org and the Austrian School of Economics. He's also a professor at the graduate school of my alma mater Pace University. We go through the current state of the economy both at home and abroad and what economic terror the Federal Reserve is exacting upon the citizens of the country. It's a good thing that we're optimists at heart.

Charles Hugh Smith has written recently about the two Most Destructive Presidencies in U.S. History: George W. Bush and Barack H. Obama.

Powers once granted are almost impossible to take back.

After 13.5 years, there is more than enough evidence for reasonable people to conclude that the presidencies of George W. Bush and Barack H. Obama are easily the most destructive in U.S. history.

When historians speak of failed presidencies or weak presidencies, they are typically referring to presidencies characterized by uneven leadership, petty corruption by self-serving cronies or in extreme cases such as the Nixon presidency, abuses of executive power.

But weak or failed presidencies are not destructive to the rule of law and the foundations of the nation. The failed president leaves office and the basic structure of the nation continues: the rule of law, the balance of powers and a free-market economy.